Vol. 412 No. 7
26 Mr. Barry asked the Minister for Industry and Commerce if he will outline the investigations which his Department have carried out to ensure that the promised price reduction in petrol and oil products, following the abolition of the maximum prices order, has been passed on to the motorists; and if he will make a statement on the matter.
When I announced the lifting of price control on petroleum products I said that "the revocation of the maximum prices order together with the revocation of the restrictive practices order for motor spirits should lead to restructuring and greater efficiency within the industry". This should manifest itself in savings arising from greater efficiency and other cost factors being passed on to the consumer. It is less then seven weeks since these measures came into effect and I believe that more time is required to allow the industry to adapt to the new environment. I believe that the full benefits of competition will be seen in the medium to long term.
I understand that the Director of Consumer Affairs will be carrying out a countrywide survey of petrol prices over the coming weeks and the information collected from this exercise will be used to assess the situation.
